India Globalization Drops 10% as Other Pot Stocks Gain on New Canada Law

Shares of India Globalization Capital Inc. (IGC) fell about 10% to $3.40 Friday, October 19, as the pot stock struggles for a second straight day in spite of the legalization of recreational cannabis in Canada earlier this week.

The legalization of cannabis in Canada wasn't the only bit of good news for Bethesda, Maryland-based IGC this week, as the company also announced that it is targeting a March roll out in Canada for its low-dose THC-based formulation to treat Alzheimer's disease.

"We were waiting for it to become legal. We're going to go to Canada and try to figure out how to apply to the health department in a few months," CEO Ram Mukunda told Bloomberg.

IGC has become one of the stocks people point to when suggesting that pot stocks are a bubble waiting to burst. The company's share price has jumped more than 170% over the past four weeks, rising as high as $10 a share in early October.

Kraft Heinz shares traded at an all time low Friday after a dismal fourth quarter, coupled with an SEC notice and a grim 2019 outlook, lopped more than $15 billion in market value value from the packaged food group.